The Senate has overwhelmingly backed a last-minute fiscal cliff compromise.
The deal, passed 89-8, would let taxes rates rise to 39.6 percent from 35 percent for annual incomes of more than $400,000 for individuals and $450,000 for couples. It would delay for two months the automatic massive federal spending cuts known as the "sequester," while lawmakers continue discussing broader deficit reduction plans, news reports say.
The agreement would also raise the estate tax rates for high-value properties and extend unemployment benefits for a year, Politico said.
Senate Minority Leader Mitch McConnell, R-Ky., and Vice President Joe Biden worked out the details of the deal after months of talks between the White House and other lawmakers failed.
Since the deal passed the Senate after midnight on Jan. 1, 2013, and the House had adjourned for the day, the country technically went over the fiscal cliff. But the impact could still be minimal if the House votes for it Tuesday and President Barack Obama quickly signs it into law.
Via Politico and The New York Times